Albuquerque is the largest city in New Mexico with a diverse population, a wide variety of entertainment and recreational attractions, and a unique and beautiful landscape. This busy city is home to the University of New Mexico, as well as several other educational institutions, large tech companies, and military installations.
Driving through town at any time of day can be intense. Whether you’re driving north on I-25, west on I-40, or just about anywhere on the city’s busy surface roads, you need reliable car insurance to back you up if you’re in an accident. Independent insurance agents can assess the unique risks you face as an Albuquerque driver. A local, friendly agent will work hard to find you an auto insurance policy that meets your needs while staying within your budget.
How Much Does Car Insurance Cost in Albuquerque, NM?
New Mexico has the 29th most expensive average cost of auto insurance in the US. The rate in Albuquerque is higher than both the state and national averages.
- National average annual car insurance cost: $1,311
- New Mexico average annual car insurance cost: $1,237
- Albuquerque average annual car insurance cost: $1,315
Your Albuquerque car insurance premium is based on how risky you are as a driver. This is determined by evaluating several personal characteristics, or risk factors. Some of the most important risk factors that insurance companies consider are:
- Your age, gender, and marital status
- Where you live
- Your history of accidents and claims
- The make and model of your car
- The number of cars and drivers in your household
Certain factors always work in your favor, while others don't. Male drivers generally pay more than female drivers. Unmarried drivers tend to pay more than married drivers. And young drivers typically pay more than older drivers. Since you can’t control your age or your gender, it’s important to be a safe driver if you want to keep your car insurance rates low.
If you have a clean driving record, insurance companies will charge you less than a similar person (same age, same gender) with a history of citations, accidents, and filing claims. With the help of a local independent insurance agent, you can review quotes from multiple insurance companies and choose the one that offers the best coverage at the best price. Your agent can also help you find other ways to save.
What Are the Car Insurance Requirements in New Mexico?
New Mexico car owners are required to purchase auto insurance. But this isn’t the only reason to have car insurance. Without it, you are entirely unprotected from the financial consequences of causing a crash. The following are the minimum coverage requirements for New Mexico drivers:
- Liability insurance, which covers bodily injury and property damage to third parties for accidents that you cause and are determined to be at fault for.
- Bodily injury (BI) liability coverage of at least $25,000 per person/$50,000 per accident
- Property damage (PD) liability coverage of at least $10,000 per accident
After a car accident, the bills can pile up. Liability coverage can help you pay for any medical bills or car repairs if you are at fault for a crash. But the costs of a serious accident can easily surpass the minimum limits required by the state of New Mexico. If you cause a major collision, the expenses can include medical bills for other drivers and passengers, vehicle repair costs, and even attorney fees and settlements or judgments levied against you if you are sued for negligence. If these exceeded your coverage limits, how would you pay? To be sure you’re covered, talk through your options with a local independent insurance agent.
What Else Can an Albuquerque Car Insurance Policy Cover?
Insurance companies also offer several types of optional coverage in addition to what is required by the state. You can choose the options that are most necessary for your needs.
- Uninsured motorist coverage (UM): Pays for your own medical expenses that the other driver would have been liable for if they had car insurance.
- Underinsured motorist coverage (UIM): Pays for your expenses when the at-fault driver has car insurance but it's insufficient to cover your expenses.
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault. Lenders typically require this coverage if you are still paying for your car, and dealerships are likely to require it if you are leasing your car.
- Comprehensive coverage: Covers the cost to repair vehicle damage caused by non-collision events such as floods, fires, falling objects (e.g., trees), and property crimes (theft, vandalism). Lenders typically require this coverage if you are still paying for your car, and dealerships are likely to require it if you are leasing your car.
- Medical payments, or personal injury protection (PIP): Pays for your own medical expenses following an accident, even if you are at fault.
- Roadside assistance and towing: Covers the cost of a service call if your vehicle becomes disabled while it's out on the road.
- Rental car reimbursement coverage: Pays for the cost of renting a vehicle while repairs are being made to your car following a covered event.
A local independent insurance agent can help you learn more about these coverage options.
Why Get Coverage against Uninsured Motorists in Albuquerque?
Not all drivers purchase car insurance. Unfortunately, if an uninsured driver hits you, you have to pay for your own vehicle damage and your own medical bills.
- How many US drivers are uninsured? 12.6%
- How many New Mexico drivers are uninsured? 20.8%
Unfortunately, there are a lot of uninsured driers on the road in New Mexico. In fact, the state has the 3rd highest percentage of uninsured drivers in the US. These drivers don’t have a backup plan for accidents that they cause, leaving other drivers on the hook for their mistakes. That's where uninsured motorist coverage comes in. If an uninsured driver causes an accident, it pays for your vehicle damage and medical bills in the absence of the at-fault driver’s insurance. Some states require all drivers to purchase uninsured motorist coverage. While New Mexico has a very high percentage of uninsured drivers, the state does not require you to have uninsured motorist coverage.
Can Car Insurance Cover Vehicle Thefts in Albuquerque?
The average auto theft rate in New Mexico is higher than the national average. The auto theft rate in Albuquerque is higher than both the state and national averages.
- National auto theft rate per 1,000 vehicles: 2.94
- New Mexico auto theft rate per 1,000 vehicles: 5.64
- Abuquerque auto theft rate per 1,000 vehicles: 6.37
Auto theft can happen anywhere. Thefts and break-ins can be big financial burdens when you have to fix broken windows and replace stolen personal property. Your car insurance policy can help minimize the worry. With the right coverage, you'll receive timely assistance and compensation so you can get back on the road quickly. It’s important to add comprehensive coverage to your auto insurance policy if you want to be reimbursed for a stolen or vandalized car.
Comprehensive coverage reimburses you for your lost or damaged car, and it also offers coverage for all kinds of “other than collision” vehicle damage, such as damage from falling objects, floods, structure fires, and more. Talk to a local independent insurance agent about comprehensive coverage, and how it can help you pay to repair your car in a variety of unforeseen circumstances.
Why Contact an Independent Insurance Agent in Albuquerque?
Drivers in Albuquerque can work with a local independent insurance agent to find the right auto insurance. Independent agents can work with multiple insurance companies so you can compare quotes and choose the best policy for your needs and budget.
Find a local agent to learn more.
©2020, Consumer Agent Portal, LLC. All rights reserved.